One of the most significant benefits for small business owners is the ability to deduct a wide range of business expenses. These deductions can include costs directly related to running the business, such as:
Office Supplies and Equipment: Expenses for items necessary for your business operations, including computers, software, and office supplies.
Rent and Utilities: If you rent space for your business, the rent and utility costs associated with that space are fully deductible.
Advertising and Marketing: Costs associated with promoting your business, including advertising in various media, online marketing, and promotional materials.
Travel and Vehicle Expenses: Expenses related to business travel, including mileage for business use of a personal vehicle, airfare, hotels, and meals.
Salaries and Benefits: Wages paid to employees, including benefits and contributions to their Employment Insurance (EI), Canada Pension Plan (CPP), or Quebec Pension Plan (QPP).